In Economics students use the theories they learn to evaluate the challenges we currently face as a global society. How damaging a president is Donald Trump to world trade? What impact will Brexit have on our standards of living? Would more state intervention under a Corbyn government actually lead to a fairer society? All of these questions relate to the essential Economic problem: what is the best way of distributing our planet’s scarce resources? Lessons involve a range of approaches, including debates, competitions and role-plays.
Enrichment and Extra-Curricular Activities
Economists from the Ministry of Justice come into A-level economics lessons, giving practical tips on economic analysis and how to enter the profession. Talks and networking opportunities are arranged for the students with various members of the professional services; we recently spent an hour with the CEO of top Management Consultancy who gave out his business card before we left. We also take part in student conferences, and were privileged to be invited to a lecture led by the Governor of the Bank of England, Mark Carney, who fielded questions from our students on current economic issues. We visit the bank itself at the end of Year 12.
Key Stage 5 Economics (Edexcel)
The course consists of 4 themes and is assessed by 3 papers, all 2 hours long.
Paper 1 will assess microeconomics and questions will be drawn from Themes 1 and 3.
Paper 2 will assess macroeconomics and questions will be drawn from Themes 2 and 4.
Paper 3 will assess content across all four themes.
Theme 1 - Introduction to markets and market failure
This theme focuses on microeconomic concepts. Students will develop an understanding of:
● the nature of economics
● how markets work
● market failure
● government intervention.
Theme 2: The UK economy – performance and policies
This theme focuses on macroeconomic concepts. Students will develop an understanding of:
● measures of economic performance
● aggregate demand
● aggregate supply
● national income
● economic growth
● macroeconomic objectives and policy.
Theme 3: Business behaviour and the labour market
This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics.
Students will develop an understanding of:
● business growth
● business objectives
● revenues, costs and profits
● market structures
● labour market
● government intervention.
Theme 4: A global perspective
This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global
context. Students will develop an understanding of:
● international economics
● poverty and inequality
● emerging and developing economies
● the financial sector
● role of the state in the macroeconomy.